Foreign Direct Investment (FDI) has been a vital source of economic growth for Mongolia during the last 2 decades. This paper aims to know the causal relationship between FDI and Economic growth and specially to see the impact of Economic growth on FDI in Mongolia for the period 2005-2013 by using time series data. The GDPg, GNI, Manufacturing Value Added (MVA), External Debt Stock (EDS), Trade (TRA), Industry Value Added, Foreign Direct Investment as percent of GDP (FDI ratio) and sector level FDI data of Mongolia by using Simple Ordinary Least Square (OLS) regressions and the empirical and graphical analysis is conducted by using annual data from on FDI and other independent variables over the period of 1990-2014 published by World Bank Data series. The goal of this study is to determine the extent to which these variables are related. From this, we can conclude that the independent variables GDPg, GNI, MVA, GDPpc, EDS, IVA and TRA all significant to explain FDI since their corresponding p-values of the t-statistics are less than 5 percent (p<0.05) and thus have an influence of FDI in Mongolia.